Medco Health gets lift from Q3 results, outlook

MichaelBaron

NEW YORK (CBS.MW) -- Medco Health Solutions'
mhs
shares rose more than 8 percent to $30.95 in late trades. Earlier in the session, shares of the recent Merck spin-off hit a high of $31.31. After Wednesday's closing bell, the Franklin Lakes, N.J., provider of pharmacy benefit management services reported third-quarter earnings before items of 42 cents per share, meeting Wall Street's consensus view. Including a charge of $23.8 million related to restructuring, the company earned $100.3 million, or 37 cents per share, up from its year-ago profit of $90.2 million, or 33 cents per share. Revenue rose in the latest three months to $8.52 billion from $8.04 billion in the same period a year earlier. Looking ahead, Medco forecast earnings before items of $1.73 to $1.76 per share for the full year, and $1.95 to $2.06 per share in fiscal 2004.

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